Vistin Pharma reported a mixed set of second-quarter results on August 20, 2026, as volume growth failed to fully offset currency headwinds despite a 240-metric-ton increase in half-year sales.
The Norwegian manufacturer posted Q2 2026 revenue of NOK 100 million, a 15% year-over-year decline, while EBITDA fell 27% to NOK 22 million. On a currency-neutral basis, revenue declined 9% and EBITDA dropped by roughly NOK 2 million, according to the company. Earnings per share for the first half of 2026 stood at NOK 0.80, down from NOK 0.91 in the same period last year. Shares fell 4.21% to $19.35 following the presentation, near the bottom of the 52-week range between $19.30 and $24.40.
Volume growth remained positive, with Q2 2026 sales reaching 1,580 metric tons, an 8% increase year-over-year, and half-year total volume rising 8% to 3,100 metric tons. The company attributed the revenue decline primarily to lower global metformin prices and customer mix changes, with approximately 70–80% of the drop in average selling prices linked to market conditions. Gross margin remained strong at 66%, above the long-term target of greater than 60%, while EBITDA margin stood at 22%.
Vistin’s balance sheet showed total equity of NOK 320 million as of June 30, 2026, with a net debt position of NOK 8 million and an equity ratio of 74%. The company paid an ordinary cash dividend of NOK 1.0 per share in June, totaling approximately NOK 44 million. Current assets stood at NOK 202 million against current liabilities of NOK 81 million, yielding a current ratio of 2.96.
Operational updates included the completion of a NOK 100 million expansion in 2022, which increased production capacity to roughly 7,000 metric tons annually—a 65% rise from 2022 to 2025. A planned four-week maintenance shutdown in Q4 2026 will replace the main distillation vessel across both production lines, with costs estimated at less than NOK 5 million. The company also highlighted water recycling initiatives that save approximately NOK 5 million annually by reusing 80% of cooling water.
Strategically, Vistin emphasized its near-shore production and renewable energy profile, with CEO Magnus Tolleshaug noting European clients’ preference for high-quality, locally sourced supplies with strong ESG credentials. The company secured a long-term renewable energy supply agreement with Statkraft through 2032, ensuring 100% green hydropower. Additionally, Vistin built safety stock of critical raw materials to mitigate supply chain risks amid Middle East conflicts and disruptions in shipping routes through the Strait of Hormuz.
Looking ahead, Vistin expects first revenues from its new Metformin DC 95% product by late 2026 or 2027, following delays in customer qualification and regulatory filings. The global diabetes market remains a key growth driver, with the International Diabetes Federation projecting the number of adults aged 20–79 living with diabetes to rise from 589 million in 2024 to 853 million by 2050, a 45% increase.
